NASDAQ$PRCT
PROCEPT BioRobotics Corporation · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
PROCEPT BioRobotics reported a successful second quarter in 2024, marked by significant revenue growth and increased gross margins.
PROCEPT BioRobotics reported a strong second quarter in 2024, with a 61% increase in total revenue compared to the prior year. The company also achieved record gross margins of 59% and demonstrated operating expense leverage. Increased revenue guidance for 2024 was provided.
- Total revenue for Q2 2024 was $53.4 million, a 61% increase year-over-year.
- U.S. handpiece and consumables revenue increased by 101% to $27.3 million.
- U.S. system and rental revenue increased by 20% to $17.8 million.
- International revenue increased by 79% to $5.7 million.
Headline financials
Revenue & EPS history
PROCEPT BioRobotics · Revenue · Quarterly
$53.4M
Revenue by segment
PROCEPT BioRobotics · $33M total across 4 segments · Q3 2023
- U.S. Consumables$17M+112.7%51.7%
- U.S. System Sales$13.5M+37.3%40.8%
- Intl. Consumables$1.65M+108.7%5.0%
- Intl. System Sales$828K+11.4%2.5%
Forward guidance
The Company projects revenue for the full year 2024 to be $217.0 million and Adjusted EBITDA loss to be ($67.5) million.
Tailwinds
- Full year 2024 revenue projected to be $217.0 million, representing 59% growth over the prior year.
- Full year 2024 gross margin projected to be approximately 59%.
- Full year 2024 total operating expense of approximately $231.5 million, which is unchanged from previously issued guidance.
- Full year 2024 Adjusted EBITDA loss projected to be ($67.5) million.
- Cash usage in the second quarter of 2024 was $11.5 million dollars which is a significant improvement from the $31.6 million usage in the first quarter of 2024.
Headwinds
- The Company projects full year 2024 Adjusted EBITDA loss to be ($67.5) million.
- Operating expenses in the second quarter of 2024 were $58.3 million, compared with $44.1 million in the prior year period.
- Net loss was $25.6 million for the second quarter of 2024, compared to a loss of $25.3 million in the prior year period.
- Increased sales and marketing expenses primarily to expand the commercial organization.
- Increased research and development expenses.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
+1.3%
Avg return
Earnings day
-0.2%
Avg return
5 days after
+0.6%
Avg return
30 days after
45%
10 / 22 earnings
Positive
+40.6%
Q3 2024
Best reaction
-15.2%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +10.7% | +16.0% | +21.3% | |
| Q4 2025 | -15.2% | -5.7% | -5.3% | |
| Q3 2025 | +1.6% | -7.5% | +2.7% | |
| Q1 2025 | -5.6% | +1.1% | +3.0% | |
| Q4 2024 | +8.6% | -3.4% | -4.2% | |
| Q3 2024 | +40.6% | +34.2% | +41.5% | |
| Q2 2024 | -9.4% | -4.3% | +24.8% | |
| Q1 2024 | +16.5% | +15.9% | +25.3% | |
| Q4 2023 | +1.1% | +0.5% | +1.2% | |
| Q3 2023 | +21.7% | +22.5% | +39.5% | |
| Q2 2023 | -6.7% | -10.3% | -18.4% | |
| Q1 2023 | -15.0% | -20.1% | -10.9% | |
| Q4 2022 | +1.2% | -4.3% | -28.7% | |
| Q3 2022 | -9.9% | -8.4% | +5.8% | |
| Q2 2022 | +4.3% | +4.3% | +0.2% | |
| Q1 2022 | -5.1% | -17.9% | +19.5% | |
| Q4 2021 | +1.2% | +5.9% | +38.7% | |
| Q3 2020 | -2.2% | -4.5% | -28.0% | |
| Q4 2020 | -2.2% | -4.5% | -28.0% | |
| Q2 2021 | -2.2% | -4.5% | -28.0% | |
| Q1 2021 | -2.2% | -4.5% | -28.0% | |
| Q3 2021 | -4.4% | -3.9% | -29.6% | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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